Equity frontline indices bounced between gains and losses but were largely flat during early hours on Wednesday amid mixed global cues.
At 10:15 am, the BSE S&P Sensex was up by just 1 point at 50,194 while the Nifty 50 crawled up by 13 points or 0.08 per cent to 15,117.
Sectoral indices at the National Stock Exchange were mixed with Nifty IT up by 1.1 per cent and PSU bank by 1 per cent. But Nifty auto, metal and private bank were in the negative zone.
Among stocks, Adani Green Energy Ltd (AGEL) rose by 3.2 per cent to Rs 1,237.95 per share after it announced outright acquisition of SB Energy from Softbank of Japan and India’s Bharti Group in a deal worth 3.5 billion dollars (about Rs 25,700 crore), the largest such transaction in India’s renewable story.
Agro-chemicals manufacturer jumped by 3.8 per cent to Rs 798.95 per unit while Wipro and State Bank of India advanced by 1.7 per cent each, Grasim by 1.5 per cent and Hero MotoCorp by 1.1 per cent.
However, Tata Motors dropped by 4.3 per cent after posting Q4 FY21 loss of Rs 7,605 crore. The other losers were Kotak Mahindra Bank, Hindustan Lever, JSW Steel and Reliance Industries.
Meanwhile, Asian stocks dipped as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now.
Japan’s Nikkei dropped by 1.42 per cent as the economic slump prompted investor caution.
Hong Kong stocks rose by 1.42 per cent as energy and telecom firms gained. South Korea’s Kospi climbed by 1.23 per cent as more economies in the region reopen.